Renew suffers dip in half year profits

Revenue in the six months to March 31 was 138.6m, down from 171.6m in the same period last year.

Profit before tax was 1.6m, down from 2.3m in the first half of the previous year.

Roy Harrison, the company's chairman, said: "The group is appropriately sized for the challenging market conditions, has traded satisfactorily and remains debt free. The order book has increased by 43 per cent since last year end which gives the board confidence for future trading."

The company said it planned to increase revenues in specialist engineering by acquisition and organic growth.